Unpacking the QBF Fraud: A Comprehensive Analysis of the Indictment in the QBF Criminal Case Part 1

Fraudsters Unveiled: The QBF Scandal - Decoding the Complex Web of Fraud, Deceit and Corruption orchestrated by Shpakov Roman and Athanasiadou Linda

Scheme Overview:

The Moscow-based QBF, in collaboration with its Russian sister company Q.Broker LLC and Cypriot Company Constance Investment LTD, promised investors maximum convenience, reliability, and a significant authorized capital of 333 million rubles.

Investigations revealed that QBF did not use investors’ money to buy shares related to IPO options as promised. Instead, the funds were invested in development projects of the beneficiary of the group of companies, R.V. Shpakov, and a significant portion of the client funds were withdrawn abroad.

By 2021, QBF ceased paying investors for all over-the-counter products, blaming Q.broker LLC for not fulfilling obligations. Beneficiary Shpakov Roman reportedly disappeared abroad.

Key Players:

Roman Shpakov:
Roman Shpakov: The beneficiary of the group of companies and the central figure behind the Scam.

Linda Athanasiadou:
Linked with audit services through her firm, AeliusCircle and NOA Circle, she played a pivotal role in the scam’s operations. She was also responsible for the money laundering operations.

Stanislav Matyukhin:
The firm’s head was implicated in creating a convoluted legal structure to shield the core business from liabilities.

Modus Operandi:
QBF’s allure lies in its promises of substantial returns, leading investors to believe in the professional management of their funds.

Deceptive Practices:
Investors were routinely provided with fabricated monthly and quarterly reports, painting a rosy picture of profitability. However, when they sought to cash out, QBF employed a myriad of excuses to deny their requests.

The extent of the Scam:
The financial devastation wrought by QBF ranges between 2 to 7 billion Russian rubles. The list of victims reads like a who’s who of society, encompassing religious leaders, generals, ministers, and directors of major institutions.

Unravelling the Scam:
The facade began to crumble when investors encountered hurdles in accessing their funds. Further probes debunked QBF’s claims of leveraging AI for investment decisions.

Legal Consequences:
QBF’s dubious operations culminated in revoking its license in July 2021. While some perpetrators faced the legal music, many victims remained silent, possibly due to the questionable nature of their investments.

Consequences:
The QBF scandal has tarnished the Russian financial sector’s reputation and underscored the dire need for stringent oversight and transparency. As the saga unfolds, it is a stark reminder of the perils of unchecked financial malfeasance.

The story of QBF has garnered significant media attention in Russia, with publications like Forbes shedding light on the intricacies of the financial pyramid.

The summary of the indictment in the criminal case №12001450007000902 details the extensive and complex illegal activities led by R.V. Shpakov, the head of the financial group “QBF”. This case involves charges of forming and directing an unlawful association and committing fraud violating Articles 210 and 159 of the Russian Criminal Code.

Elements of the Criminal Scheme:
Formation of Criminal Association:
Shpakov, leveraging his influential position, formed a criminal association with a precise role distribution, focused on committing fraud through investment schemes in securities and over-the-counter option contracts.

Methodology:
The association operated through structurally separate units with specific functions. They created and registered legal entities, produced fictitious contracts, and involved direct perpetrators and unknowing participants to execute the criminal plan.

Embezzlement Process:
The scheme involved stages where potential clients were identified, deceived into believing in profitable investments and then persuaded to sign client agreements. The funds were then embezzled through various means, including creating false reports and manipulating transactions.

Roles and Duties:
As the leader, Shpakov was responsible for organizing, financing, and directing the activities, including training in deception techniques and distributing the criminal proceeds. Other key members, such as V.S. Pakhomov, Linda Athanasiadou, Matyukhin S.A., Munaev Z.V., A.S. Golubev, and E.A. Rossieva, were given specific roles in the organization, each heading different structural subdivisions and carrying out assigned functions to further the criminal objectives.

Criminal Activities and Impact:
The organization systematically committed large-scale fraud, leading to significant financial losses for numerous victims. Each specific fraud case is detailed, highlighting the systematic and coordinated approach used in the criminal activities.

Termination of Activities:
The operation of this criminal association was halted by law enforcement interventions, leading to the indictment of its members for their roles in the organization.

www.qbfexposed.com

The INDICTMENT against Linda Athanasiadou/Atahanasiades/Kovalenko in the Criminal Case of QBF.

🕵 The indictment reveals a complex web of deceit, embezzlement, and manipulation orchestrated by the masterminds behind the QBF financial group.
🕵‍♂ The exposure and subsequent dismantling of this criminal Network by law enforcement highlight the scale and severity of the operation.
🔒 The criminal Association had a clear distribution of roles and functionally separate organised groups, indicating a high level of organisation and planning.
🔍 The creation and management of a criminal Association and its structural subdivisions are initially conditioned by the selfish purpose of committing multiple serious crimes and obtaining as much criminal income as possible.
🕵 QBF and its sister companies promised investors maximum convenience and reliability. Still, instead, the funds were invested in development projects, and a significant portion of the client funds were withdrawn abroad.
🕵‍♂ QBF's deceptive practices led to financial devastation ranging between 2 to 7 billion Russian ruples, impacting many victims from all sectors of society.
🔍 The association operated through structurally separate units with specific functions, creating a complex and organised criminal network.

INDICTMENT
in the Criminal Case №12001450007000902
on the charge in the commission of the offence of
ч. 3, Art. 210, and 151 of the offence under Part 4, Art. 159 of the Criminal Code of the Russian Federation,

Published first on: https://www.qbfexposed.com/post/unpacking-the-qbf-fraud-case-a-comprehensive-analysis-of-the-indictment-part-1

In an unprecedented financial fraud case, the indictment in the criminal case №12001450007000902 sheds light on the intricate and nefarious operations of R.V. Shpakov and Linda Athanasiadou, the masterminds behind the QBF financial group’s criminal association. This blog post delves into the elaborate scheme that Shpakov and his accomplices orchestrated, revealing a complex web of deceit, embezzlement, and manipulation that spanned several years and victimized numerous individuals.

At the heart of this scandal lies the creation of a criminal association, ingeniously structured with separate units, each performing specific roles. Shpakov, exploiting his influential position, deceived investors under the guise of lucrative securities investments and over-the-counter option contracts. The indictment meticulously details the methods used, from forming legal entities and producing fictitious contracts to direct embezzlement of funds from unsuspecting investors.

Key figures like V.S. Pakhomov, Linda Athanasiadou, and others played significant roles in this elaborate scam, each heading various subdivisions and contributing to the criminal objectives. The association’s tactics involved identifying potential victims, gaining their trust through false promises of high returns, and then methodically siphoning off their investments.

The consequences of this fraud were catastrophic, with a long list of victims suffering substantial financial losses. Each case detailed in the indictment paints a vivid picture of the systematic and coordinated exploitation carried out by the association. The exposure and subsequent dismantling of this criminal network by law enforcement highlight the scale and severity of the operation.

This post aims to unpack the layers of this complex financial fraud, offering insights into the inner workings of one of the most intricate criminal schemes in recent history. It is a cautionary tale about the dangers lurking in the investment world and the importance of vigilance in the face of seemingly attractive financial opportunities.

INDICTMENT
in the Criminal Case №12001450007000902on the charge in the commission of the offence of ч. 3, Art. 210, and 151 of the offence under Part 4, Art. 159 of the Criminal Code of the Russian Federation,
INTRO: THE QBF/NOA CIRCLE FRAUD CASE
R.V. Shpakov, being the head of the financial group “QBF” (QBF), general director and a participant of various legal entities, using his official position expressed in influencing other persons to perform specific actions aimed at their participation in a criminal association (criminal organisation), based on the importance and authority of the positions he holds and his position in the organisations that were part of this financial group, having the intention to systematically commit serious crimes of mercenary orientation, i.e., fraud.

The SCHEME
To achieve the desired criminal result, R.V. Shpakov developed a plan to create and form a criminal association with a precise distribution of roles among the participants, the main activity of which was to commit fraud under the pretext of investing funds in securities with high yields, as well as under the guise of fulfilling obligations under over — the — counter option contracts.

According to the criminal plan, R.V. Shpakov, realising the public danger of his illegal actions, using his official position for unlawful purposes, formed a criminal association as follows:

The creation of several functionally separate structural units that performed strictly defined functions and had an explicit specialisation for specific offences.
Involvement in the criminal association of direct managers of separate structural subdivisions from among trusted persons, as well as persons inclined to commit theft by deception.
Finding, creating and registering legal entities in accordance with the procedure established by law, the details of which were used in the production of standard sets of fictitious contracts and accompanying documents, allegedly testifying to the legitimate activities of these organisations.
Involvement in the criminal community (criminal organisation), in its structural subdivisions of direct executors of criminal intent from among persons involved in the activities of organisations, inclined to commit theft by deception, having mercenary aspirations;
Involvement in the criminal association of persons who ensured the functioning of the structural units of the criminal association as a whole;
Determination of the scheme of distribution of criminal income, which allowed the direct perpetrators of the crimes to maintain financial motivation directly dependent on the number of defrauded citizens, as well as the formation of a criminal fund, the money from which was used to finance the activities of the criminal association;
The involvement in the activities of organisations used by the criminal association of persons unaware of the criminal intent of the participants in the criminal association;
Development of specific methods and techniques of deception, the use of which enabled the direct perpetrators of the offences and persons involved in the activities of organisations used by the criminal association, unaware of the illegal nature of the actions of co-conspirators, to achieve the criminal association’s objective of obtaining criminal proceeds;
Create a strict hierarchy between the heads of functionally separate structural units, lower-level managers, and direct perpetrators of crimes to create the possibility of using the developed methods and ways of deception by persons who directly communicate with clients.
INITIAL STAGES
At the initial stage of establishing the criminal association, R.V. Shpakov determined the direction of joint illegal activity with his co — conspirators, aimed at violating the legally protected property rights of citizens by fraudulent means, and directly obtaining material benefits, developed a detailed criminal plan for an extended period of activity, which consisted in the distribution of roles among the members of the unlawful association, the interaction of its subdivisions to realise common criminal intentions, as well as the distribution of functions between them, orchestrating the criminal association’s activities, and the allocation of tasks of the criminal association